The FT writes "Chinese money market fund becomes world's biggest," which says, "A money market fund set up by a Chinese tech company as a repository for leftover cash from online spending has emerged as the world’s biggest, with $165.6bn under management. Alibaba's four year old Yu'e Bao fund -- the name translates as leftover treasure -- has overtaken JPMorgan's US government money market fund, which has $150bn.... The growth of Yu'e Bao comes as other money market funds are under pressure from low interest rates. In the US, government debt funds such as JPMorgan's swelled in size last year because of regulatory changes that encouraged money to move from "prime" money market funds that invest in corporate debt. But that trend has abated in recent months, while Yu'e Bao's inflows have remained strong." The piece adds, "Rachel Wang, director of manager research in China for Morningstar, which ranks Yu'e Bao as the seventh biggest fund overall, added that it is subject to credit and liquidity risk. "Considering the huge size of Yu'e Bao, the liquidity risk may be even higher than other funds," she said. Other tech companies in China have also entered the market. Tencent's wealth platform Licaitong has joined financial institutions to offer money market funds and other wealth management products alongside smartphone maker Xiaomi."

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